Consumer Spending On Technology Set To Soar Up To $1.69 Trillion Globally In 2019, Says IDC Report

Driven by emerging technologies including Augmented Reality (AR) and Virtual Reality (VR) headsets, drones, on-demand services, robotic systems, smart home devices and wearables, the consumer spending on technology is forecast to reach $1.69 trillion globally in 2019 - an increase of 5.3 per cent over 2018, an International Data Corporation (IDC) report has said.

Consumer purchases of traditional and emerging technologies will remain strong over the 2019-2023 forecast period, reaching $2.06 trillion in 2023 with a five-year compounded annual growth rate (CAGR) of 5.1 per cent. Roughly three-quarters of all consumer technology spending in 2019 will be for traditional technologies.

The US will be the largest geographic market with consumer technology spending forecast to reach $412 billion in 2019. China will be the second-largest market in 2019 with spending expected to reach $328 billion, followed by Western Europe at $227 billion. Emerging technologies will deliver strong growth with a five-year CAGR of 13.2 per cent.

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